Qianhai touts tax, land incentives to attract more investment

New policy announcements likely to channel more-capital from companies based in Hong Kong

The Chinese mainland is accelerating the opening of its financial service industry, by offering favorable land and tax policies to attract more Hong Kong-based companies to invest and operate in a business zone in Shenzhen, Guangdong province.

Known as Qianhai Shenzhen-Hong Kong Modern Service Cooperation Zone, the $65 billion project has been viewed as a testing ground for China to reform its service industry and to further open the country's capital market and to internationalize its currency.